News

2019 News

“RENT A ROOM” RELIEF TO CONTINUE FOR AIR BNB LANDLORDS

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“RENT A ROOM” RELIEF TO CONTINUE FOR AIR BNB LANDLORDS
Last year HMRC carried out a review of rent a room relief and it was proposed that the availability of this generous relief would be restricted to situations where the taxpayer was resident for at least part of the time when the “lodger” was paying rent. The scheme currently exempts from tax gross rents up to £7,500 where rooms within the taxpayers’ main residence are rented out.

How to raise your prices without losing customers

The cost of running a business goes up every year, but when was the last time you increased your prices?
Many business owners and managers worry that if they were to increase prices, they would lose customers.
However, a customer will often be willing to pay a higher price if they feel they are getting value for their money.

EXTRACTING PROFIT FROM THE FAMILY COMPANY

The start of the new tax year means that shareholder/ directors may want to review the salary and dividend mix for 2019/20. The £3,000 employment allowance continues to be available to set against the employers national insurance contribution (NIC) liability which means that where the company has not used this allowance it may be set against the employers NIC on directors’ salaries.

Business Entertainment Expenses for Tax deduction- 2nd part

BIM45000 – Specific deductions: entertainment: introduction: contents S45 Income Tax (Trading and Other Income) Act 2005, S1298 Corporation Tax Act 2009 Overview With certain exceptions (as below illustrations), expenditure on business entertainment or gifts is not allowable as a deduction against profits, even if it is a genuine expense of the trade or business. The exception also

Tax Deductions for Travel and meals and accommodation

BIM47705 – Specific deductions – travel and subsistence: expenditure on meals and accommodation S57A Income Tax (Trading and Other Income) Act 2005 This guidance applies for Income Tax only. General rule The cost of food and drink consumed, and accommodation used, by a trader is not in general an expense incurred wholly and exclusively for the purposes of the trade, since everyone

Business Entertainment Expenses for Tax deduction – First part

Business Entertainment Expenses for Tax deduction – First part BIM45000 – Specific deductions: entertainment: introduction: contents S45 Income Tax (Trading and Other Income) Act 2005, S1298 Corporation Tax Act 2009 Overview With certain exceptions, expenditure on business entertainment or gifts is not allowable as a deduction against profits, even if it is a genuine expense of the

Self Assessment – Expenses for Self Employed

This guide was produced in partnership with kaab Accountants, the local tax and accounting service for the self-employed. With a wealth of experience, we can complete your tax return for you ensuring you claim as many tax savings as possible. For more information please visit http://www.kaab.co.uk/

Section 338(3) ITEPA 2003 No deduction is due under Section 338 ITEPA 2003 for the cost of ordinary commuting. For most employees, ordinary commuting is the journey they make most days between their home and their permanent workplace. However, for some employees the position is more complicated. The term “ordinary commuting” is defined by Section 338(3) ITEPA 2003 to mean travel

Section 231 ITEPA 2003 EIM31205 provides an overview of the statutory scheme dealing with employees who carry out business travel in their own cars, vans, motor cycles or cycles. It covers payments to employees, and deductions to which employees are entitled. This page deals with the second of these. The deduction is called Mileage Allowance Relief (MAR) Entitlement to mileage

2018 News

Effective multi-tasking

Effective multi-tasking
In today’s fast-paced business world, here are some tips to help you to be more effective at multi tasking.
Over the past 10 years or so businesses have become leaner by reducing employee numbers, focusing on efficiency and increasing the demands on their staff. An increased workload forces us to multitask, which may be effective for a short period of time, but over the long term, can cause stress.